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LONDON - Rosebank Industries plc announced Tuesday that shareholders approved all resolutions at its General Meeting, including the acquisition of ECI Equity Holding Company Inc. and authorization for a capital raise.
The company reported that 98.19% of votes cast supported the acquisition, with 75.46% of the issued share capital participating in the vote. Shareholders also approved measures to allot shares and disapply pre-emption rights in connection with the capital raise.
Rosebank’s Open Offer, launched on June 11, was oversubscribed with applications received for 101% of available shares. The company will issue 2,248,643 Open Offer Shares at £3.00 per share, raising approximately £6.7 million before expenses.
A total of 386,607,653 new ordinary shares have been submitted for admission to trading on AIM, with trading expected to commence on July 3. These include 380,000,000 placing shares and U.S. private placement shares, 4,359,010 connected persons shares, and the Open Offer shares.
The acquisition is expected to complete in the third quarter of 2025, subject to satisfaction or waiver of conditions. Upon completion, Rosebank’s ordinary shares will be temporarily delisted from AIM before readmission of the enlarged group.
Financial advisers for the transaction include Barclays (LON:BARC) Bank PLC, Citigroup (NYSE:C) Global Markets Limited, and Investec (LON:INVP) Bank plc, according to the company’s press release statement.
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